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PHI, Inc. Announces Results For The Year Ended December 31, 2012

Air Medical segment revenues were $211.1 million for 2012, compared to $171.7 million for 2011, an increase of $39.5 million. The increase is primarily due to an increase of 852 patient transports and 1,146 flight hours, an improved payor mix and rate increases. The increase in patient transports was attributable to the addition of new bases under our independent provider program in 2012. Also contributing to the increased revenue were revenues from additional contracts.

Air Medical segment profit was $27.9 million for 2012, compared to $15.0 million for 2011. Operating margins were 13% and 9% for 2012 and 2011, respectively. Our Air Medical segment’s profit has improved due to rate increases, cost reductions, and the opening of additional bases.

Technical Services revenues were $11.1 million for 2012, compared to $12.6 million for 2011, a decrease of $1.5 million which is primarily due to lower project activity. Direct expenses increased $0.1 million primarily due to labor cost increases. Profit in this segment decreased by $1.6 million due to lower project activity and cost increases.

PHI provides helicopter transportation and related services to a broad range of customers including the oil and gas industry, air medical industry and also provides third-party maintenance services to select customers. PHI Voting Common Stock and Non-Voting Common Stock are traded on The NASDAQ Global Market (symbols PHII and PHIIK).
     
PHI, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Thousands of dollars and shares, except per share data)
 
Year Ended Year Ended Year Ended
December 31, December 31, December 31,
2012 2011 2010
 
Operating revenues, net $ 646,686 $ 539,626 $ 516,935
 
Expenses:
Direct expenses 543,524 469,740 443,702

Selling, general and administrative expenses
  39,051     34,369     30,147  
Total operating expenses 582,575 504,109 473,849
 
Loss (gain) on disposition of assets, net 317 302 (239 )

Equity in loss (earnings) of unconsolidated affiliate
  863     --     --  
Operating income 62,931 35,215 43,325
 
Interest expense 29,533 27,974 19,389
Other (income) expense, net (651 ) (845 ) (178 )
Loss on debt restructuring   --     --     9,521  
  28,882     27,129     28,732  
 
Earnings before income taxes 34,049 8,086 14,593
Income tax expense   15,992     3,234     7,476  
Net earnings $ 18,057   $ 4,852   $ 7,117  
 
 
Earnings per share:
Basic $ 1.17 $ 0.32 $ 0.46
Diluted $ 1.17 $ 0.31 $ 0.46
 
Weighted average shares outstanding:
Basic 15,418 15,312 15,312
Diluted 15,488 15,497 15,337
 
 

Summarized financial information concerning the Company’s reportable operating segments for the years ended December 31, 2012, 2011, and 2010:
 
Year Ended
December 31,
2012   2011   2010
(Thousands of dollars)
 
Segment operating revenues
Oil and Gas $ 424,514 $ 355,406 $ 345,402
Air Medical 211,148 171,669 160,517
Technical Services   11,024     12,551     11,016  
Total operating revenues   646,686     539,626     516,935  
 
Segment direct expenses
Oil and Gas 360,400 310,281 290,106
Air Medical 175,944 151,503 145,356
Technical Services   8,043     7,956     8,240  
Total direct expenses 544,387 469,740 443,702
 
Segment selling, general and administrative expenses
Oil and Gas 3,736 3,506 4,594
Air Medical 7,300 5,198 4,987
Technical Services   --     53     31  
Total selling, general and administrative expenses   11,036     8,757     9,612  
Total direct and selling, general and administrative expenses   555,423     478,497     453,314  
 
Net segment profit
Oil and Gas 60,378 41,619 50,702
Air Medical 27,904 14,968 10,174
Technical Services   2,981     4,542     2,745  
Total 91,263 61,129 63,621
 
Other, net 334 543 417
Unallocated selling, general and administrative expenses (28,015 ) (25,612 ) (20,535 )
Interest expense (29,533 ) (27,974 ) (19,389 )
Loss on debt restructuring   --     --     (9,521 )
Earnings before income taxes $ 34,049   $ 8,086   $ 14,593  

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